4 December 2017 – interim results
The property investment company has announced its interim results for the six month period ending on 30 September and these have revealed an increase of 1.8% in the net asset value per share to 451p. Pre-tax profit was over 25% higher at £4.9m and adjusted earnings per share were 18.5% higher at 12.8p – the interim dividend was raised by almost 6% to 9.5p. These are encouraging results representing progress in all areas whilst the group completed a large strategic acquisition after the period end to which we referred in September. A confident statement about future prospects bodes well and we maintain our recommendation of BUY.